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Oil and Gas Discussion BB
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Re: Big trade for me today<<I also sold some CPE on the way to 10. They are market darling, overpriced and in case of oil upturn the laggards will have higher percentage upmove, I think. Also I am sure they will issue next year at least 2x secondary (this year it was 3x times), so dilluting heavily its stock. They are quite to use their stock as currency. >> I like the company's properties, many right in the best areas of the Midland basin, and plan to buy back if it pulls back. Years ago it seemed to me many of the American smaller exploration and production oil companies funded their expansion by piling on debt. And their Canadian counterparts seemed to fund their expansion by issuing and selling more shares. Now some American companies seem to follow the latter approach. If oil stays low for another year CPE and a lot of smaller and midsize companies are going to be in serious jeopardy. |
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